Understanding car loans helps you get the best deal. Here's what Singapore buyers need to know.
01 Loan Types
PARF cars: Up to 80% loan. COE cars: Up to 100% loan. Interest rates typically 2.68% - 4.5%.
02 Down Payment
Most banks require 20% down for PARF cars. For COE cars, some lenders offer 0% down payment options.
03 Loan Tenure
Maximum 7 years. Shorter tenure = less interest but higher monthly payments. Choose what fits your budget.
04 Pre-Approval
Get pre-approved before car hunting. Know your budget and negotiate from a stronger position.